Ethereum Reclaims its $2,000 Psychological Price Threshold

Ethereum’s price has risen above the 21-day SMA support and has reclaimed the $2,000 psychological level.

ETH Price Long-Term Analysis: Ranging

The uptrend has reached a high of $2,549, breaking through the $2,400 barrier. In the preceding price action, buyers were unable to sustain the price above $2,400. The cryptocurrency fluctuated above the moving average lines but remained below $2,400 before plunging to a low of $1,507 on June 6, as Coinidol.com reported. Bullish momentum has persisted after the rebound above the $2,400 support level.  

Yesterday, the price has paused its advance below the $2,600 high, but remains above the $2,400 support. On the upside, if buyers break through the $2,600 barrier, Ether is expected to reach $3,400. In the meantime, Ether is currently trading at $2,450.

Technical indicators: 

• 
  Resistance Levels: $3,500 and $4,000

• 
  Support Levels: $2,000 and $1,500

Ethereum Indicator Analysis

The price is above the upward-sloping 21-day and 50-day moving averages. On the 4-hour chart, the price is near the moving average lines.

However, if it falls below the 21-day SMA support, selling pressure is likely to resume. Conversely, the price will continue to rise as long as it remains above the 21-day SMA support. Doji candlesticks forming above the $2,400 support level indicate indecision between buyers and sellers.

What Is the Next Direction for Ethereum?

The Ethereum price has resumed its bullish ascent after breaking above the $2,000 psychological level. Since August 19, buyers have sustained bullish momentum above $2,000. On the 4‑hour chart, the cryptocurrency is currently trading in a narrow range above the moving average lines but below the $2,550 high. If buyers push the price above $2,550, the uptrend is likely to continue.

In contrast, if Ether falls below the 21‑day SMA support, it is expected to decline towards the next support above the 50‑day SMA.

Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Coinidol.com. Readers should do their research before investing in funds.